Elevators typically utilize several ropes connected to the car, such as suspension ropes arranged to suspend the car. These ropes are typically arranged to interconnect the car with a counterweight and to pass around one or more rope wheels mounted above the car and counterweight, typically in the upper end of the hoistway or in its proximity. When the elevator is being manufactured or when old ropes of an existing elevator need to be changed, new ropes are installed. During installation, the ropes are unreeled and guided to hang in the hoistway. The ropes can be unreeled from rope reels and guided further to pass their intended route in the hoistway, such as around the rope wheels mounted in the upper end of the hoistway or in its proximity. The guiding can be done by lowering the ropes from their reels positioned close to the upper end of the hoistway. Alternatively, the guiding can be done by lifting the ropes inside the hoistway from their reels positioned close to the upper end of the hoistway. In prior art, it has been possible to install metal wire ropes that have a round cross-section simply by unreeling them from reels positioned close to the lower end of the hoistway, and lifted up with a hoisting device engaging their ends. This is because this kind of ropes can be engaged firmly without damaging them. The drawback of the known installation methods and devices has been that they have not enabled installation of belt-like ropes by lifting with simple devices and without damaging the ropes.